All Forum Posts by: Louise A.

@Jonathan Pendleton 

Hi - I love Columbus.  Great place to invest, especially for rentals as I've heard there is a huge shortage in rentals given the demand.  I wouldn't be scared of a 4plex for your first house hack.  I house hacked a 4plex for 3 years and it was great.  Your property does violate 2 of my criteria though; purpose built and separately metered.  Others have already commented on the meters, so I'll add my thoughts about purpose built.  When you've got tenants in a property that wasn't built for multiple units, you'll generally have many more problems with noise transfer, causing you to have more frequent turns.  

It still might be a great deal for you.  Just because others who are commenting have made different choices doesn't mean that its not the right deal for you.  Part of what's hard when you're starting out is deciding whose opinion to listen to.  Feel free to PM me if you have further questions.  

@Jordan Rajchel - I'm a huge fan of using leverage to grow a portfolio, but you can absolutely run a portfolio without financing, it will just take you longer.  Your returns on invested cash are lower as well.  But it is safer.  I like your 'gray area' idea. 

Regarding reserves for rentals, that's dependent on how comfortable you feel.  I never had cash sitting around when I was growing, but I did have access to cash through HELOCs if I got into a pinch.  If you don't have access to ready cash, then I would definitely have reserves to cover you when things get tight.  Whatever amount lets you and your wife feel comfortable is probably a good guide.  

If there's anything I can help you with, feel free to reach out anytime.  I own a property in Jeff and just moved to the area from Indy.   

@Steve Sarro - I just moved to Louisville as well and attended my first KREIA meeting this week.  It was great.  Small group with lots of experienced folks willing to help newcomers.  I hope to meet you at a meeting sometime soon.   

@Sajan Jiva

I'd be cautious about buying such a skinny deal.  Even using the fictitious rent of $800, you're still at less than a 1% deal (rents at 1% of the purchase price).  As others have commented, unless you're buying for appreciation rather than cash flow, I wouldn't consider this unless there was a possibility to reposition the buildings and raising the rents.  A lot! 

@Paul Passafiume

$1500 is a little less than I pay now for 80 units, an S corp, personal return, and a couple of partnerships.  When I had a portfolio your size I was paying $350-450.  Ask other RE investors who they use.  We're generally a cheap bunch, right?  

@Edgar Felipe

I'd start looking at deals now even though you aren't quite ready to buy yet.  And start interviewing agents as well.  Get ready for when you've got your down payment and are ready to start making offers!  Good luck!

@Chris Conde

I don't see anything on the calendar for those dates.  The groups in town to check out are INREIA, CIREIA, and the Alpine meetup.  There's also a new multi-family meetup that will be listed on BP but is not scheduled for a specific day of the month.  

@Paul Singer

Strong second for Carl and Dave with Indy Pro Inspections.  They've done over 25 units for me and I love working with them.  

@Cherese Bailey

If you're buying for a long term hold (10+ years), I'd definitely consider it as long as you can buy close to the river and the bridge across (is that 10th?).  IUPUI is building across the river.  More students = more opportunity for growth! 

@Brenton Tigner Jr

Free education!  I'd jump at the opportunity...  If you're interested in paying for education, I've been in David Lindahl's program for a few years.  He's the only person I'd recommend if you're serious about larger multi family properties.  PM me if you have specific questions.